Comet, the electrical retailer, is close to going into administration, putting about 6,000 jobs at risk, reports say.
The company, bought by private equity firm OpCapita last year for just £2, has struggled from the downturn in consumer spending.
Two weeks ago, OpCapita said it was examining a number of potential bids for 240-strong chain.
But there are reports Comet will appoint an administrator imminently.
The Financial Times and trade journal Retail Week said that OpCapita had lined up Deloitte to act as administrator, which would run the business as a going concern while it assesses options for sales, closures and liquidation.
Comet was sold to OpCapita last February by Kesa, which also struggled to turn around the business.
Sir John Clare, formerly chief executive of Dixons Retail, joined the business as chairman on the same day the Comet sale to OpCapita was finalised.
Sir John had argued that the business could be revived, despite analysts' forecasts at the time of his appointment pointing to operational losses of £35m.
Should Comet go under, it would be one of the biggest retail casualties since the demise of Woolworths in 2008. Other recent High Street collapses have included JJB Sports, Clinton Cards, Blacks Leisure, Game, and Peacocks.
America's Best Buy recently pulled the plug on 11 giant electricals stores after failing to make inroads into the UK market.
The economic downturn and pressure on consumer spending has led many people to put off purchases of big-ticket items such as TVs and large appliances. Sales have such items have also moved increasingly online.
Comet was founded in 1933 as a business charging batteries for wireless sets. It opened its first store in 1968, in Hull, and was bought by Kingfisher in 1984, which expanded the Comet brand into one of the most familiar names on the High Street.
Shame really.
